SISCO-Amiantit’s unit announces financial closure of Taif sewage plant project

International Water Distribution Co. Ltd. (Tawzea), jointly owned by Saudi Industrial Services Co (SISCO) and Saudi Arabian Amiantit Co., announced, on Nov. 5, the financial closure of the project to build an independent sewage treatment plant (ISTP) in Taif.

Under the financial closure, all terms of the finance agreement and other previous conditions for drawdowns from the project loans were fulfilled, SISCO and Amiantit said in separate bourse statements.

SISCO and Amiantit added the financial impact is likely to show after commencement of operations by the end of 2022. The relevant figures will be recognized by both companies under the share of profit/loss from associates.

The project seeks to develop a sewage treatment plant with a capacity of 100,000 cubic meters per day, expandable to 270,000 cubic meters, the statements said.

The ISTP is expected to begin operations in Q3 2022.

The total investment cost of the project exceeded SAR 318 million ($84 million). It was financed by a Shariah-compliant Islamic facility from local banks.

In November 2019, SISCO and Amiantit signed a contract with Saudi Water Partnership Co. (SWPC) to build ISTP in Taif, Argaam reported.